More trade ups and downs. President Trump ordered an investigation into whether auto and truck imports weaken the U.S. economy and threaten national security, which sparked a response from a Chinese official suggesting the move represented an abuse of trade rules. Though likely another part of the administration's negotiation strategy, it may lead to new tariffs on foreign cars. (LPL)
The U.S. economy is still chugging along. The Markit Purchasing Managers' Index showed both the U.S. services and manufacturing sectors continued to expand last month. Manufacturing activity registered its highest reading since September 2014, with manufacturers intending to boost production in the near term. Backlogs of work on the services side hit levels not seen since March 2015, though new business ticked modestly lower. Input costs in both sectors rose at the fastest pace in almost five years as inflationary pressures continue to mount, but overall the data remain solidly in expansionary territory year. (LPL)
Ross Stores beat estimates by 3 cents with quarterly profit of $1.10 per share, with the discount retailer's revenue in line with forecasts. (CNBC)
Join us this weekend for Financial Focus Radio.
S&P 500 is down 6 and the NASDAQ is down 1. The MSCI international index is lower.
Oil is down $1.61 at $69.10 a barrel.
Gold is down $1 at $1304 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor, I am Troy Reinhart.